Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Personal Assets Trust's Sloan Ratio for the quarter that ended in Oct. 2023 was -2.64%.
As of Oct. 2023, Personal Assets Trust has a Sloan Ratio of -2.64%, indicating the company is in the safe zone and there is no funny business with accruals.
Personal Assets Trust Sloan Ratio % Historical Data
The historical data trend for Personal Assets Trust's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Competitive Comparison of Personal Assets Trust's Sloan Ratio %
For the Asset Management subindustry, Personal Assets Trust's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Personal Assets Trust's Sloan Ratio % Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Personal Assets Trust's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Personal Assets Trust's Sloan Ratio % falls into.
Personal Assets Trust Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Personal Assets Trust's Sloan Ratio for the fiscal year that ended in Apr. 2023 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Personal Assets Trust's Net Income for the trailing twelve months (TTM) ended in Oct. 2023 was 53.346 (Apr. 2023 ) + -32.608 (Oct. 2023 ) = £20.74 Mil.
Personal Assets Trust's Cash Flow from Operations for the trailing twelve months (TTM) ended in Oct. 2023 was -0.007 (Apr. 2023 ) + 5.839 (Oct. 2023 ) = £5.83 Mil.
Personal Assets Trust's Cash Flow from Investing for the trailing twelve months (TTM) ended in Oct. 2023 was -69.691 (Apr. 2023 ) + 130.005 (Oct. 2023 ) = £60.31 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Personal Assets Trust (CHIX:PNLl) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Oct. 2023, Personal Assets Trust has a Sloan Ratio of -2.64%, indicating the company is in the safe zone and there is no funny business with accruals.
Personal Assets Trust Sloan Ratio % Related Terms
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Personal Assets Trust (CHIX:PNLL) Business Description
Personal Assets Trust PLC is a self-managed investment trust. The company's policy is to protect and increase the value of shareholders' funds per share over the long term and to earn a high total return as is compatible with risk equivalent to that of the FTSE All-Share Index. The firm invests in equity shares, fixed interest securities, and other investments. The group holds investments in listed companies and fixed interest securities, holds cash balances and has receivables and payables. It from time to time also invests in FTSE 100 Futures and enters into forward currency contracts. The majority of the revenue comes from the United States of America and United Kingdom market.
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